Spotify CEO Sells Company Stock As Share Price Doubles
In recent days, Ek has filed to sell $119 million U.S. worth of Spotify stock. The latest sale comes after the companyโs share price has increased 109% in the past year to $289.59 U.S.
Ek previously sold $60 million U.S. of Spotify stock in February of this year. It is the first time that he has sold company stock more than once in a year since the market rally of 2021.
The 41-year-old CEO, whose net worth is estimated at more than $4 billion U.S., still owns 7% of Stockholm, Sweden-based Spotify.
Ek isnโt the only technology billionaire selling company stock.
He joins Tim Cook at Apple (AAPL), Michael Dell at Dell Technologies (DELL), Amazonโs (AMZN) Jeff Bezos, and Meta Platformsโ (META) Mark Zuckerberg in selling company stock this year after share prices increased over the last 12 months.
In Spotifyโs case, its stock has surged 267% since the end of 2022 when the current bull market in equities began.
Ekโs latest stock sale also comes after Spotifyโs stock gained the most it has in almost two years on April 23 when the company reported that it swung to a profit in the first quarter of this year.
Other executives at Spotify have also been selling their stock in the company, with co-presidents Alex Norstrรถm and Gustav Sรถderstrรถm offloading a combined $35 million U.S.
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